WTI Crude Oil Falls as China's Q3 Growth Misses Target
West Texas Intermediate (WTI) crude oil closed down 2% on Friday as China's third-quarter economic growth failed to meet its target, keeping demand from the No.1 importer light.
WTI crude for November delivery closed down US$1.45 to US$69.22 per barrel, while December Brent crude, the global benchmark, was last seen down US$1.04 to US$73.41.
China reported its economy grew 4.6% in the third quarter, under the country's 5% target for the second-straight quarter as its economy continues to struggle amid a debt crisis in its real-estate sector and weak consumer spending.
"The second-biggest economy in the world was responsible for 70% of the demand growth last year. This share plummeted to 20% in 2024," PVM Oil Associates noted.
The drop comes even after the Energy Information Administration on Thursday reported that U.S. inventories dropped by 2.2-million barrels last week.
Source : MT Newswires